All Forum Posts by: Don Gouge

He really is losing money on this one!

@Andrew B. Why does the landlord have to be represented by an attorney but the tenant doesn't? I always thought neither side was represented by an attorney in small claims court.

650 isn't a good fico score. 

@Wayne Brooks if we had that button it would be worn out the first day. I also vote for a B.S. Button.

Most refrigerators are trash after 8 years these days no matter how much you paid for it. You recouped maybe half the value of this fridge through your rental fee. You now have an 8 year old fridge that probably would be lucky to be worth $500 if in perfect condition. Tell me where you are the big loser here.

First of all people won't bring homes into the park and dealers won't bring them in and sell them. These methods ended 20 years ago. You will have to purchase all of the homes yourself and then lease option them. Used homes are difficult to find so you will probably need to purchase new ones. If you have significant assets to back this project, as well as a receptive banker, it can be done. Make sure your banker will finance the home purchases.

He is bringing nothing to the table but his dream.

Have you done your research on the HOA? Any special assessments coming? Numbers look good but I hate HOAs.

Here is the problem with having a park full of these ancient homes even if they are privately owned. They are basically worthless and very expensive to maintain. You might say that isn't my problem if you don't own them but it is. When the owner can no longer maintain them they will just walk away leaving you a pile of junk that you have to spend many thousands to renovate or just junk. You are then left with a vacant lot bringing in no revenue. You then have to fork out big bucks to bring in another trailer just to produce lot revenue again. This park just screams trouble to me.

Co sign the loan.